Real Estate Opportunities (REO) are listing Battersea Power Station on the stock market in a bid to bring a partner on board to finance redevelopment plans. A planning application for the landmark power station has been submitted and should be heard in the autumn. The proposed redevelopment would bring further shops, 3,700 homes and the office space London businesses will need for projected future expansion into the area.
The 40 acre site stands to gain significantly in value as soon as planning permission is granted. However this is not the first proposed project to struggle on the site, which has stood empty for over 25 years.
The developer, which is based in Ireland, has recently published poor results. Despite shares falling by 40 per cent, the director in charge of the project remains positive and affirmed that the group ‘will be able to meet its liabilities as they fall due for the foreseeable future.’
Image: Flickr (Victoria Peckham)